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    Author(s): Paul E. Sendak; Paul E. Sendak
    Date: 1991
    Source: Res. Pap. NE-657. Radnor, PA: U.S. Department of Agriculture, Forest Service, Northeastern Forest Experiment Station. 7 p.
    Publication Series: Research Paper (RP)
    Station: Northeastern Research Station
    PDF: View PDF  (581.32 KB)

    Description

    Examines the effect of sale characteristics and number of bidders on sale value for timber sold by sealed-bid auction on the Green Mountain National Forest in Vermont. As anticipated from theory and previous empirical studies, increasing the number of bidders tended to increase the winning-bid value for the timber auctions studied. Efforts made to ensure that a timber sale offering received at least one qualified bid had a greater impact on sales revenue than efforts made to increase high-bid value. In designing sales, managers should avoid setting appraisal value too high in relation to timber quality.

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    Citation

    Sendak, Paul E. 1991. Timber sale value as a function of sale characteristics and number of bidders. Res. Pap. NE-657. Radnor, PA: U.S. Department of Agriculture, Forest Service, Northeastern Forest Experiment Station. 7 p.

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    Keywords

    Appraisal, auctions, national forest, Tobit

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